REPAIRED SUPERMARKET STAR TO BE OPENED IN YEREVAN ON MARCH 7

ArmInfo
2009-03-06 16:25:00

ArmInfo. Ceremonial opening of the repaired supermarket of the largest
retailer in Armenia STAR Company is expected on March 7 in Tigran Mets
Street 37 in Yerevan. STAR press- service told ArmInfo that alongside
with the network leadership, representatives of the European Bank for
Reconstruction and Development (EBRD), HSBC Bank Armenia, ministries
of economy and agriculture.

Yerean Municipality and the Anti-Monopoly Commission of Armenia will
attend the ceremony. STAR Company reported that the given supermarket,
which is one of the first supermarkets in the STAR network founded in
2005, will open to clients quite new and improved. In particular, it
is a self-service supermarket equipped with up-to-date refrigerators,
ensuring the growth of incomes and time-saving for consumers.

In addition, the logistics of the repaired supermarket has been fully
changed; air-conditioning and cash register system has been renewed.

STAR network operating since 1998 comprises 12 supermarkets (11 in
Yerevan and 1 in Hrazdan). On March 16 the company will open the 13th
in the succession store in Kochar Street. One of the shareholders of
STAR network of supermarkets is EBRD with 28.3% stake.

The leadership of the largest network of supermarkets in Armenia STAR
Company supports the return to thefloating currency rate in Armenia,
STAR press-service told ArmInfo.

‘Of course, we have faced specific problems due to the measures taken
by the government and we will have to overcome their aftermaths
for some period of time’, says Gurgen Narimanyan, STAR Financial
Director. ‘Nevertheless, I am sure it was a necessary and timely step
for Armenia and it will undoubtedly bring results for the real sector
in the mid-term outlook. There is favorable investment outlook. However
the country should be consistent also in softening the tax burden,
ensuring equal competition and supporting the financial sector’,
he said.